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Press Kits - Insurance - TD Insurance Parents and Finances Survey

Parents in Ontario are among the most likely
in the country to believe that it will cost more than $200,000 to
raise a child to the age of 18 (48% vs. 42%
nationally).

When asked about costs to attend a Canadian
university, including living expenses, 64% of parents in Ontario
estimate that in 15 years it will cost between $25,000 and $50,000
per year (vs. 63% nationally).

Are parents in Ontario saving
enough?

Eight out of ten parents say they
aren’t saving enough:

Six per cent say they are spending more
money than they earn each month (vs. 8% nationally);

Twenty-eight per cent are living paycheque
to paycheque with no savings (vs. 30% nationally);

Forty-four per cent say they are saving a
little bit, but not enough (vs. 41% nationally).

Twelve per cent say they are saving about
10% of their earnings each month (vs. 13% nationally) and 9% say
they are saving more than 10% (same as national
statistic).

How many parents in Ontario have life
insurance?

Eighty-two per cent of parents say they have
life insurance, either through their workplace benefits program or
through purchasing a life insurance policy (vs. 79%
nationally).

More than half of parents in Ontario who
have life insurance do not believe their policy will leave enough
money to support their children to the age of 18 (52% vs. 55%
nationally).

Eighteen per cent of parents in Ontario do
not have life insurance (vs. 21% nationally).

Of parents who do not have life
insurance:

Fifty-five per cent feel they probably
should have it.

Thirty-six per cent say they cannot afford
it.

Nine per cent say they do not feel it is
necessary.

About the TD Insurance Parents and
Finances survey From December 10-17, 2009, Vision Critical
- Angus Reid Public Opinion conducted the TD Insurance Parents and
Finances survey among 1,006 Canadian parents between the ages of 25
and 45 with children under 18. The margin of error is 3.1 per cent.
The results of the online survey have been statistically weighted
according to the most current education, gender and region census
data to ensure a representative sample. Discrepancies in or between
totals are due to rounding.